Crazy land prices.

[leterry60614]

A 58% increase in the amount of gold bought in Thailand from last year. It seems many Thais are buying gold with the proceeds of their land sales. It's not mentioned in the FT but seems obvious to me living in Udon Thani. Thais have learned from the 97 crash not to keep their savings in Baths.

This isn't a vote of confidence in the Thai economy.

Full article from the Financial Times. http://www.ft.com/cms/s/0/ccd1340a-2b36 ... z2gpfSO2av

[bumper]

With all the flooding in Bangkok an the factory district in the area. Land prices may just keep going up in the surrounding districts.

[wiking]

if price come back to the high prices from last time, we will sell

I speak about farmland - and in our area, last time price go up to 200.000 baht a rai and there was a lot off buyers, now all buyer is gone and all sellers off land going around and want to sell for 80.000 baht a rai - but there are no no no buyers


after the bubble udon will be a ghosttown again - there are still some buildings empty from 1997

[bumper]

I think the key is going to be if the manufactoring moves a drier spot. You would be lucky to get a rai of land close to Udon for less then 500K right now. That is rice field so lots of dirt to move in, with electricity already in the area and a good water supply.

I've actually seen land sold at that price without clear title and people knowing it when they bought it. I got sucked in by accident at 350K for 1.25 rai. On the edge of Nong Bua and Nong Sai. I had to bring in the power and city water. The title can be fixed. But, that will require a trip to Court and the families cooperation. I have no idea what will happen on the cooperation side. Other wise a suit for fraud will required. It's my wife's land and I don't think she will take any further then asking the family to do the right thing. Before anybody say anything I did take it to a lawyer and we both got hoodwinked. TT ( Tis Thailand )

We were asked if we would sale it for a million, with the improvements done to it.

[Sakhonnick]

its hit or miss, ive heard of people making a fortune and also loosing

a guy where I live bought less than a Rai in town for 750,000 and sold it for 2.9million 18 months later be nice to see into the future

[parrot]

I passed by the satellite post office on Srisuk Rd today....directly across the street are 10 or so shophouse/apartment units.....completed over 6 months ago. One shop has been rented....a beauty shop. The rest remain vacant. Kilo 5 near new Tesco, shophouses completed several months ago. One is occupied. The rest are vacant.
And finally, an individual of unoccupied! Just up the road from the CAT office (going toward the clock circle), on the opposite side of the road, was a 4 story building started just after the crash in 1997. It was one of the last buildings completed during post crash. Looked to be a bank of some sorts......long steps leading up to the main doors. It had a bank foreclosure sign on it until about a month ago......never occupied since 1997. It's now being gutted/remodeled.
Just a few of my 'crazy land prices' observations.

[bumper]

It sure has been an amazing thing to watch. even bank repos don't seem to move off the asking price.

There is huge talot being built between Nong Bua and Nong Sai on the Nong Sai road. A huge plot of land has been cleared and prepared for building a village, complete with center road being built been sitting like approaching a year now.

Homes in First homes sitting for years now for sale and first homes isn't a bad village. Saw one repo sold, But, that happened because the person who bought it made contact with top management at the bank to get the price down to what was actually owed on it. Saved a good hunk of cash. But I doubt you could get that done on a local level.

The only saving factor I can see is businesses leaving Bangkok because of the floods. I took my first tip to the night market in a long time last week. My first reaction was what the hell am I doing here. Had to park by Tesco lotus and walk down to get a parking spot and I was on the small bike. You could not take step without bumping into somebody.

No matter what happens the days of Udon being a sleepy little farming town are already gone.

[jai yen yen]

It sure has been an amazing thing to watch. even bank repos don't seem to move off the asking price.

There is huge talot being built between Nong Bua and Nong Sai on the Nong Sai road. A huge plot of land has been cleared and prepared for building a village, complete with center road being built been sitting like approaching a year now.

Homes in First homes sitting for years now for sale and first homes isn't a bad village. Saw one repo sold, But, that happened because the person who bought it made contact with top management at the bank to get the price down to what was actually owed on it. Saved a good hunk of cash. But I doubt you could get that done on a local level.

The only saving factor I can see is businesses leaving Bangkok because of the floods. I took my first tip to the night market in a long time last week. My first reaction was what the hell am I doing here. Had to park by Tesco lotus and walk down to get a parking spot and I was on the small bike. You could not take step without bumping into somebody.

No matter what happens the days of Udon being a sleepy little farming town are already gone.

Yes, it is sad, I really miss the quiet way things used to be in Udon, I know the amenities are better but the charm is gone.

[Prenders88]

I passed by the satellite post office on Srisuk Rd today....directly across the street are 10 or so shophouse/apartment units.....completed over 6 months ago. One shop has been rented....a beauty shop. The rest remain vacant. Kilo 5 near new Tesco, shophouses completed several months ago. One is occupied. The rest are vacant.
And finally, an individual of unoccupied! Just up the road from the CAT office (going toward the clock circle), on the opposite side of the road, was a 4 story building started just after the crash in 1997. It was one of the last buildings completed during post crash. Looked to be a bank of some sorts......long steps leading up to the main doors. It had a bank foreclosure sign on it until about a month ago......never occupied since 1997. It's now being gutted/remodeled.
Just a few of my 'crazy land prices' observations.

Perhaps it is greed on the landlords part. Last week whilst having lunch in Bubba's, Jun pointed out to me a newly completed row of shophouses across the street the rent a mind blowing 20,000 baht a month. Around the town speculators seem to build shophouses in places where there is no passing trade, footfall, or parking. The biggest reason IMO, for price drops in houses is when there is no management company and the estate turns bad. Lake Garden is the perfect example.

[pompui]

Good some businesses have long lease agreements,those on monthly better watch out if their landlord wants more readies

[pienmash]

Good some businesses have long lease agreements,those on monthly better watch out if their landlord wants more readies

To add to that Pomps ,,, if a lease IS NOT registered in the provincial land office it doesnt make any difference how long the term is as the landlord can boot a tenant or change details within the agreement out without any real problems . Even with a registered L.O. lease if the landlord wishes to sell the property the tenant cant do a lot to stop being forced out however a registered lease means you get financial compensation from the landlord ...

Mash advice ref making a lease in LOS .....whatch out its a mine field out there ...

Ref silly land prices ... 8 mil for a small building plot over looking Nong Sim lake ,,, oh my buddha !!

mash

[bumper]

There is no doubt greed is real motivator. The homes in First Homes are selling for about 200 to 400K from when they were first built. But they came as a shell so lots of work before you end with Western Kitchens air Ect. I believe the last track they were sold at about 1.8, now selling at 2.0 to 2.2 The exception tow that is the two story homes at the front selling in the 3.0 and up range.

I've thought about selling mine but then you go to go somewhere else start all over making it the way you want it. Thought about building a house on land. But, the cost of materials and labor have changed, since I bought our home for my wife.

Got a 30 year lease on this one not sure I could pull that off twice. I think I will just stay where I am. Maker my 10K a month payments and be happy. That is my real security not going to be paid for if I'm not living in it.

[rick]

Heard today that 2 rai on the ringroad next to the new waterpark is up for sale at 30 million. We have 9 rai in Nong Sai for a much more reasonable 12 million :-" I will try and get the family to accept offers.....

[newtovillagelife]

How can these prices be justified. Unless of course Thais are now making western wages!!!!

[wiking]

take care, there are big different in the price for sale and the price they get

[bumper]

We have been told about 10 ria in Nong Sai all or part for 400K a rai good Chanote, electric in the property area, no city water and no phone, dirt road

[KHONDAHM]

How can these prices be justified. Unless of course Thais are now making western wages!!!!

Bangkok money. It's darn cheap by that measure.

[rick]

And it seems, one of the Nong Sai neighbours to my families land, has 40 rai for sale .... 100 million baht being asked. Makes ours seem cheap.

[bumper]

250 K a rai?

[jackspratt]

250 K a rai?

Sounds more like 2.5m/rai.